Former President Mubarak smuggled billions

GMT
16:35 2012
Friday ,19
October

Egypt's former President Hosni Mubarak

Cairo â€“ Akram Ali

Egypt\'s former President Hosni Mubarak
Cairo – Akram Ali
Egypt\'s former President Hosni Mubarak has been accused of smuggling $134 billion abroad during his reign.
The money was smuggled by his relatives and close advisors to offshore accounts in Switzerland, Britain,
Cyprus and Spain, accoding to sources.
The money was never recovered, even after the assets of over 19 Egyptian officials were frozen in March 2011.
Sources said the money was smuggled after Mubarak changed the law governing Egyptian banks in 2003 giving himself the power to hire the Central Bank’s director and ensuring financial reports and audits were delivered only to him.
Mubarak’s wife and sons’ bank accounts were reportedly frozen, along with 19 of his close friends and advisors.
There is no solid evidence to prove the money was “illegally obtained” by those in question, added the sources.